American regulators announced that First Republic Bank had been taken over and that an agreement had been reached to sell the bank to JPMorgan Chase & Co. This marks the third major U.S. financial institution to fail in just two months. JPMorgan is set to acquire $173 billion in loans and around $30 billion in securities, which includes $92 billion in deposits from First Republic Bank, but they are not taking on the bank’s corporate debt or preferred stock.
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Since 2021, JPMorgan has purchased over 30 companies in transactions worth more than $5 billion in total. Large bank deals have faced slow regulatory approval in the US in recent years, and the Biden administration has toughened its stance on anti-competitive practices.
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